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Insurers that pay out only a small proportion of their premiums in claims will be named and shamed under proposals set out by regulators yesterday.

In particular, providers of warranty, home emergency, identity theft and mobile phone insurance are in the sights of the Financial Services Authority. But the new proposals, set out in the FSA’s Transparency Report, could be applied to all forms of insurance, spurring consumers into shopping around for better-value products and putting pressure on providers to reveal them.

Regulators want to prevent a repeat of the payment protection scandal, where very low payout ratios of less